The Shift
Miami now has more $1M+ listings than NYC, this is the first time NYC loses the top spot in over a decade. By the end of 2025, Miami recorded over 10,500 properties priced at $1M or more. This illustrates a shifting geographic landscape of wealth across the United States.
Why Miami is Pulling Ahead
- Miami has a year-round demand and people are simply leaving New York.
- Foreign investors, retirees, and second home buyers are attracted by luxury listing activity year-round.
- Foreign investors and retirees also enjoy the climate, tax advantages, and lifestyle.
Why New York is Falling Behind
- Luxury inventory in Manhattan is 7-10% lower than last year.
- New construction and development has slowed down due to elevated costs.
- Zoning laws and lengthy permit periods have restricted new projects, making Miami an attractive alternative.
